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No. 27 Top Trader by 7D PnL%

💥 The myth of Tieshun shattered? Blast officially announces shutdown! An L2 phenomenal bubble built on "gambling" and collapsed due to "costs" Blast announced it will cease operations. The reason is very realistic: the cost of maintaining the network has exceeded the generated revenue, and the team sees no economically sustainable path. From a wild start at the end of 2023 to a regrettable end in 2026, Blast's life is almost a condensed projection of the Web3 innovation and challenges in this cycle. 🧵 A brief recap of Blast's "past and present": 1. Wild start: Tieshun's "financial magic" With Blur dethroning OpenSea, Pacman (Tieshun) launched Blast spectacularly. He hit the most sensitive pain point in Web3 at the time—idle capital. He pioneered the concept of "Native Yield," putting ETH in to help you stake with Lido, stablecoins to earn MakerDAO yields, while also earning "Blast points." With an extremely clever fission and locking mechanism, a "one-way cross-chain bridge" without even a withdrawal function or mainnet launch, forcibly attracted tens of billions of dollars in TVL within weeks. 2. Ecosystem competition: The big split of "Gold points" To fill the ecosystem void, Blast launched the "Big Bang" competition, distributing token airdrops to DApp developers (Blast Gold). Suddenly, chaos reigned on-chain—gambling, DEX, meme coins, lending... all projects competed over "who could give users more Gold." On-chain liquidity mining and Ponzi arbitrage were pushed to the extreme. It forced other established L2s (Arbitrum, OP, ZK) to also compete with points and airdrops. 3. TGE became the death knell: Token launch as the peak In June 2024, the long-awaited Blast finally had its TGE. However, when "expectations" turned into real token sell pressure, the wealth creation myth collapsed, and massive yield farmers and speculators began withdrawing. Without high-yield subsidies, TVL quickly bled out, and the on-chain ecosystem fell silent. 4. The endgame: High "chain operation costs" Many think L2 is a highly profitable industry (making money from Sequencer spreads), but reality is harsh: when there are no high-frequency trading users or real DApp demand on-chain, its low fees cannot cover the complex node maintenance, data availability (DA), and security operation costs. When expenses exceed income and no new story supports it, "voluntary shutdown" becomes the most dignified end. 💡 What lessons does Blast bring to the industry? 1️⃣ Pure "yield-driven" liquidity is extremely fragile: funds attracted by interest and airdrops will exit at the fastest speed once interest ends and tokens launch. 2️⃣ L2 supply-demand relationship is completely unbalanced: if a chain only has people "making money and farming points" but no real paying "users," the sunk cost of infrastructure will eventually crush the project. 3️⃣ Limits of mechanism innovation: Tieshun pushed game theory and growth hacking to the extreme, but when the market returns to rationality, it ultimately depends on "self-sustaining ability." An era has ended. From Blur's rise to fame in one battle, to Blast's spectacular rise and lonely exit, one cannot help but lament the harshness of the crypto market. ⚠️ Final reminder: If you still have assets on Blast, please be sure to withdraw via the official instructions through the regular interface or mainnet Bridge before October 26! Don't let the tears of an era turn into your real loss.